Rent-seeking is gobbling up our economy | Opinion

CORRUPTION

South Africa is increasingly becoming a rent-seeking society in which the politically connected make easy money without having to work for it: they get government and private sector contracts, mining rights and favourable policies just because of their closeness to the ANC leadership.

Although rent-seeking may, for many, appear not to be corruption, it is a pervasive form of it. The entrenchment of a rent-seeking culture undermines the productive capacity of the economy, as well as innovation and new investment. It discourages job creation and efforts to reduce poverty and inequality. It ultimately stymies economic growth.

An obvious form of rent-seeking